JOURNAL ARTICLE

Forbes magazine's new majority owner is a 28-year-old billionaire who made his money in self-driving car tech.

  • Published In: Fortune.com, 2023. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Palmeri, Christopher 3 of 3

Abstract

The article focuses on Austin Russell's acquisition of an 82% stake in Forbes Global Media Holdings, valuing the company at nearly $800 million. Russell, the CEO of Luminar Technologies Inc., which specializes in autonomous driving technology, will act as a visionary for the Forbes brand but will not manage day-to-day operations. The seller, Integrated Whale Media Investments, will retain a minority stake and one board seat, while Forbes plans to establish a new board with experts in media, technology, and artificial intelligence. Forbes magazine, founded in 1917, competes with Bloomberg in the business news sector. [Extracted from the article]

Additional Information

  • Source:Fortune.com. 2023/05, pN.PAG
  • Document Type:Article
  • Subject Area:Literature and Writing
  • Publication Date:2023
  • Accession Number:163701178
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